“I am honoured to have been asked by the Prime Minister to take on the role of Minister for Trade and Investment, with a remit of helping the growth of British companies and the country's future economic success,” said Livingston.

“It has been an incredibly hard decision to leave BT at such an exciting time. However, the opportunities ahead and the strength of the management team that Gavin will lead mean that the company is in a great position.”

Livingston will join the House of Lords prior to taking up his government post in December.